..that covered both leagues.. here's what the candidate list would look like (in no specific order):
1) Matt Cain 28-7, 2.89 era 12CGs
2) Yu Darvish 23-10, 304 innings, 290 strikeouts
3) CC Sabathia 20-10, 277 innings, 10CGs, 275 strikeouts ..think about this, he'd be a runaway Cy Young in almost any year for any league... but he's third best in the AL, go figure
4) Rich Harden 19-6, 2.53 era, 221 k's in 220 innings
5) Max Scherzer 19-4, 1.90 era, 30 quality starts
6) Yovanni Gallardo, 17-8, 2.49 era... that's 17 wins on the worst team.. ..and no one was willing to pony up for him?
This doesn't even include the likes of Wesley Roemer (27 walks!), emergence of Jay Crew, 20 game winner Jon Asahina, Josh Beckett, Chad Billingsley, Jon Leadbetter, Eric Hurley, Erik Bedard, and Johan Santana (unfortunately he was relegated to a 7 win season despite the ERA and strikeouts)
Who says there's no pitching in this league?
My personal rankings:
Cain-Scherzer-Darvish-Sabathia-Gallardo-Harden